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On Wednesday, Sample Road west of University Drive and east of NW 110th Avenue, and Coral Springs Drive north of NW 29th Street and south of NW 37th Street, will be closed on the night of the Holiday Parade from 5 p.m. until approximately 10 p.m.

CRA Financial Information

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The Coral Springs CRA is primarily funded by Tax Increment Financing (TIF), which is the traditional funding mechanism for CRAs. In accordance with Chapter 163 Part III of the Florida Statutes, TIF payments are equal to 95% of the increase in tax revenue generated by the increase in property values in the redevelopment area and are used within the redevelopment area to finance additional projects. Properties located in the CRA district do not pay any additional property taxes. The greater the increase in taxable property values over the CRA’s base year (2011 for County and 2002 for other taxing authorities), the larger the incremental increase in revenues transferred to the CRA. Each taxing authorities’ contributions to the CRA for FY 2016 are listed in the chart below.


 

The Redevelopment Trust Fund is primarily funded by tax increments received from respecting taxing authorities pursuant to the following parameters:

Tax Incremental Value FY 2018

Current Year Taxable Value (Tax Year 2017) $ 122,343,180
Base Year Taxable Value (Tax Year 2002) - $ 66,321,640
Incremental Value $ 56,021,540

Tax Increments Paid to CRA FY 2018

Tax Increments Actual
City of Coral Springs $312,574
North Broward Hospital District $66,435
Children Services of Broward County
(Less refunded revenues to CSCBC)
$25,982
-$25,982
Broward County* $80,854
TOTAL: $459,864

*Pursuant to Broward County’s ruling, the Coral Springs CRA will be paid its share of tax increments beginning in FY 2011 with FY 2011 as a base year minus the One Charter Place Taxable Value.

 


 

Budgets:

 
Financial Audits: